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Insurance Sector in the United Arab Emirates

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Submitted By fancyfaty
Words 463
Pages 2
First: General Frame of the Insurance Sector in the United Arab Emirates:

The Insurance Sector in the United Arab Emirates is organized by the Federal Law No. (6) of 2007 on Establishment of the Insurance Authority and Organization of the Insurance Operations which came into effect as on August 28th,2007 and the Board of Directors Resolution No.2 of 2009 on issuance of the executive regulations of

Federal law No. (9) of 1984 of the said Federal Law and the issued and will be issued rules, regulations and resolutions according to the provisions of the Law.

The Federal Law No (6) of 2007 on Establishment of the Insurance Authority and Organization of the Insurance Operations entrusted the Insurance Authority with the enforcement of the provisions therein and to undertake its role in supervision and control of insurance companies and other insurance related professions so as to provide a suitable environment for the development of the insurance sector, and to enhance its role in the security of individuals, properties and liabilities against risks, and to protect the national economy, build up, develop and invest in the national savings to support the economic development of the State and to provide better services in suitable prices and cover in a competitive environment, and to emirtize jobs in the insurance sector.

Insurance Companies:

60 Insurance Companies; (34 national insurance companies and 26 foreign insurance companies). The number of companies carrying out all insurance activities (life assurance and operations of fund formation and property and liability insurance) are (11) national companies and (2) foreign companies. The number of companies carrying out property and liability insurance only are (20) national companies and (17) foreign companies. The number of insurance companies carrying out life assurance and operations of fund…...

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